Question

"You are purchasing a house 12 years from now. The estimated purchase price is $171,600.00. You want to make a 20% down payment. How much do you need to save per month to reach your goal?"

Answer 1

No, the correct answer would be $238.33

Step-by-step explanation:

I just took the test

Answer 2

Total= $283.33

Step-by-step explanation:

First we need to know how much money we want to pay to lower the bill by 20%.

So: 171600*0.02=34,320

$34,320 is what we need to reach.

Divide this amount by 12 years and then by 12 months:

34,320/12= 2,860/12=238.33

This is the amount you need to save per month to reach the goal.